37 PSUs yet to comply with Sebi's public float norm: Government

NEW DELHI: As many as 37 listed PSUs have not complied with markets regulator Sebi's 25 per cent minimum public shareholding norms, Parliament was informed on Friday.

As per the norms, PSUs were mandated to achieve the minimum 25 per cent public shareholding by August 21, 2017, which was later extended by a year.

Out of the total 89 listed PSUs, 52 are compliant with the minimum public shareholding requirement of 25 per cent and remaining 37 are yet to comply with the rule, Minister of State for Finance Pon Radhakrishnan said in a written reply to the Lok Sabha.

In a separate reply, Minister of State for Corporate Affairs P P Chaudhary said that 907 cases have been admitted under corporate insolvency resolution process.

In 32 cases, resolution plan has been approved and in 129 cases liquidation proceedings have commenced, he added.

The provision of the Insolvency and Bankruptcy code provides for adequate safeguards against fraudulent or malicious initiation of proceedings.